59% of startups and MSMEs may shut down: Survey

MSME Meet in News Photos

Due to Covid-19 pandemic, more than half of the existing small companies and startups could sell off their companies or startups or shut down by the end of this year.

According to the information shared by a local survey, 59% of MSMEs (medium and small enterprises) and startups may shut down or sell their companies by the end of 2021. The statement issued by the survey said that “Only 22% Startups & MSMEs have more than 3-months runway, 41% are out of funds or have less than 1 month of funds left and 49% plan to reduce employee compensation and benefits costs by July."

The survey further said that "Startups want the Government to permit deployment of Corporate Social Responsibility (CSR) funds into Social Impact Startups. The second wave of Covid-19 has made many realise the need for more Startups that are socially oriented in areas like emergency assistance, community engagement and mobilisation, health equipment support." 

Since the beginning of Covid-19 pandemic in 2020, startups and MSMEs have been in the situation of barely surviving, and then they have been hit badly due to the second wave of Covid-19. India faced a complete lockdown which started from 24th March 2020 and lasted till September 2020 due to which India's economy has been affected badly. After the unlocking from lockdown restrictions, India's economy had started to recover and then the second wave of Covid-19 has impacted the economy growth again.

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